What is a Mortgage CDP?
In the world of mortgage, there are more acronyms than you can shake a stick at. (Also, please stop shaking that stick. People are talking.) From FHA to NMLS to RESPA – and everything in between – the last thing mortgage originators need is yet another series of letters to learn.
Which is why for years Intent was stuck in the bucket of mortgage CRMs. We hated it, because what we actually have is a CDP, or Customer Data Platform. What exactly does a mortgage CDP do?
Mortgage customer data platforms (CDPs) are mortgage marketing solutions that allow you to understand your data, create ideal customer profiles, segment your audience into B2B and B2C marketing efforts, and allow you to receive automated data intelligence. Each person in your database has a profile with data collected from LinkedIn, including their contact information, picture, purchase history, email history, marketing journey, and sales strategy reminders. Your mortgage CDP should deliver opportunity, but it will always be every bit as useful as the data that you put into it.
Mortgage CRMs are machines for the loan process. Mortgage CDPs are the heart and soul of the mortgage sales and marketing process. When all data is unified, clean, segmented, and marketed to, the difference is nothing short of extraordinary. When you have data specialists who you engage to find all potential opportunities, you have something truly special.
Combine Intent’s mortgage CDP power with the data intelligence that we are able to partner with and you stop being able to count the number of opportunities that exist. Knowledge is power. You don’t need 100 leads if you have 100 personalized marketing journeys in your current database.
Already using a CRM at your company? Keep it. Let your LOA and your processor use it to update people on their loan status. But a successful, modern sales guru knows that the future of marketing is taking the lead in your market with how you present yourself. A mortgage CDP can help with that.
Change the game. Be first in line. And for $200 per month, it’s almost crazy not to at least try it out. Plus, you can hire our team to clean your data, connect it, segment it, and create personal campaigns JUST FOR YOU! Start making your data actionable and your marketing incredible.
Everyone is searching for the silver bullet in mortgage marketing, but there are some very simple things you can implement today to make yourself stand out better from the crowd.
- Update your headshot. We know you love a classic, but if your picture is more than three years old, it’s time for a new professional headshot. No time? Stand outside in nice clothes and have a friend snap one with a phone.
- Update your signature. (Intent rants on this topic.) We get it. But really, stop with the signature madness. Keep it simple, clean, and make sure the links work.
- Update your graphics. Has it been a while since you changed the mortgage marketing graphics on your social media channels? A fresh look might be needed. Ask your company for social media graphics or create them on your own in Canva. Not an artist? Have someone make one for you on fiverr.
- Ask people to “add you” to their phone. Update your own phone profile with your mortgage company name or even change your name to be John Smith- mortgage to make finding you in the future easier.
- Reintroduce yourself in a clever video for social media. When is the last time you told people in your sphere what you do? Do a fun “getting to know me” video.
- Create a branded homebuyer’s guide. How do you do business? Show people what they can expect when they use you to buy a home, and what to expect from the mortgage process.
- Revamp your website. Perception is reality. If your website is old and doesn’t work, it conveys the message that you are as well. Engage a marketing mortgage marketing company (Hi!) to create something personal that will result in sales.
- Sign into your tech. When is the last time you went through all your tech accounts and signed in? What can you eliminate? What could you be using better?
- Commit to making a video each week. Even if it’s just about what you are seeing in the market, being comfortable in front of the camera will make a big difference.
- Create a YouTube channel. Start building your personal brand with the videos that you make. Share these on your mortgage marketing website and across your social media channels.
- Audit your social media accounts. Are you on Instagram? Twitter? YouTube? TikTok? LinkedIn? Are these updated? Did you brand them to your business? Are you putting out content?
- Ask your best agent to do a zoom video with you. Interview your best agent. Tell success and failure stories.
- Build a referral list. Homebuyers need everything when they move into a home and since you are a trusted resource, send them a list of everyone you trust from interior design to landscaping companies. This also helps forge partnerships with your vendors and hopefully leads to referrals from them to you.
- Have lead buying conversations. Been forking over money for leads for more than six months with one of your agents? Do some analytics and plan a meeting to review whether it is working. Come to the table with ideas and solutions.
- Host online seminars. Teach people about credit. Talk to renters about their financial future.
- Find new vendors for THANK YOU gifts. Chances are local artists and purveyors have new products. Ask people to vote for ideas or connect you with vendors on social media.
- Update your testimonials. With so many companies offering compliant testimonials, it’s time to move into the digital age. Sign up with a company that will collect and post these for you.
- Connect to new agents. Each week, you should make it your goal to talk to three new agents. Connect on social and start TALKING.
Don’t have the digital prowess to tackle some or all of your mortgage marketing needs? Our team at Intent can create, design, and even run each of these steps for you. Ask us how!
There are many ways mortgage professionals can grow their network on LinkedIn to create business opportunities. Mortgage technology, for one, can come in handy when you need to sync up your connections with one single click. Just make sure you set some time aside to manage your account. For this effective LinkedIn engagement plan for mortgage, all you need is 15 minutes per day!
Importing Your Email Database
You can build your network by importing a list of your contacts you already know on LinkedIn. This will run a one-time upload of your address book contacts, as well as their detailed contact information.
To import email contacts from your address book click the “My Network” icon at the top of your LinkedIn homepage, then click “Connections,” then “Add More Contacts.”
Type your email address in the field provided, or choose a service provider from the list below the text box. If your email provider is not supported, you can still invite people to connect by email.
Click continue and you’ll be redirected to a list of your contacts who are already on LinkedIn. You can check the boxes next to contacts you want to invite and click “Add Connections” to send invitations.
Connecting with Real Estate Agents
Make it a priority to connect with 10 new agents per day. Search “real estate agent” combined with your geographical area and send out some connection requests. You can also check the “More suggestions for you” section on the “My Network” page. This is where LinkedIn offers suggestions of people you may know based on shared connections, groups or companies.
Intent’s LinkedIn connection tool
Intent’s LinkedIn connection tool can add information from a profile to your database. Once the contact syncs over to your mortgage technology platform, you can start building relationships and marketing efforts around a real person!
Mortgage technology is constantly evolving. While there is no single, all-inclusive piece of mortgage tech that can handle every component of a loan officer’s workflow, there are many components that can work together to ensure your success. Staying up to date with the latest mortgage tech tools is crucial to be competitive.
So what elements make up the perfect tech stack to help you meet your sales goals?
Your mortgage point-of-sale software is where your prospects and customers interact with your loan business and decide whether or not they plan to make a purchase.
The front end of this software is generally your mortgage company website, landing pages for loan officers, and mobile mortgage apps.
Loan origination software is what is used to manage loan applications, generate loan forms and disclosures, connect with processing and underwriting, clear loans for funding, and ensure compliance.
A Mortgage CDP or CRM
Customer data platforms help differentiate mortgage lenders by:
- providing lead management, relationship building and customer retention;
- capturing detailed information about your customers and their behaviors;
- pointing you to the right target market product development and activities for your particular client;
- increasing sales.
Tools that personalize their customer experience and help consumers feel more engaged with their mortgage process should be a top priority for mortgage professionals. For example, this can include automated email to educate and inform as well as automated text messages.
Most consumers do their research online before making a decision to contact a referral. In fact, 88% of consumers trust customer reviews as much as personal referrals. Therefore, loan officers should make it standard practice to request a customer review after every closing.
In addition, it’s important ask for personal feedback where customers can provide a confidential opinion about their experience. Companies like Social Survey, for instance, make it very simple to collect reviews and share them on social media channels.
Intelligence and Retention Systems
An automated borrower intelligence and retention system tailored to the mortgage industry can instantly alert lenders when a borrower is ready for a loan. This system identifies when potential borrowers have changes to their credit, are shopping with a competitor or list their home for sales.
A recent Nielsen study found that 56% of consumers would rather receive instant messages from a business than a call from customer service. By automating support with AI, chat bots are one of the best tools for improving the lending experience. Further, chat bots have the power to automate responses to commonly asked questions based on specific insights about the borrower.
Text messages are the quickest, easiest way to be in front of your customers. It is imperative that you understand the compliance around texting before you begin or use a platform that is compliant.
At Intent, we offer Mortgage Tech Tools from CDP/CRM and marketing automation to compliant texting.
An unorganized mortgage database is a world of missed deals. Fixing your mortgage database can create opportunities and help you build relationships with your contacts. Whether you choose to change companies in the future or want to pave the way for future deals, having your database at the ready is key to your business. We have put together an infallible strategy to help you manage your database and put your best foot forward in 2021.
Sign into your CRM or CDP daily
While MS Excel is a database platform, it just isn’t a very good one. Ideally, you will want to make use of a CRM (Customer Relationship Management) or CDP (Customer Data Platform) and be sure to sign in on a daily basis. Signing in means you understand the importance of each contact, and your goal should be nurturing those relationships.
Add, subtract, delete
As you scrub your mortgage database, you will likely encounter a lot of old information. As a rule of thumb, information in your database older than 3 years is probably going to be worthless. Subtracting people you don’t want to work with and deleting bad or old data will keep your database clean and up-to-date. While you are sorting out your contacts, make sure to add all of your referral sources, business associates, friends, neighbors, and anyone in your sphere for that matter. These are people you need to be marketing to.
Segment your audiences
Your next step is to break down your contact list into real estate agents, referral partners (financial advisors, CPAs, other LOs), closed borrowers, interested borrowers, first-time borrowers (renters) and so forth. That way, when you want to send out an email blast, you can filter based on audiences.
Understand personalized marketing
Mortgage marketing is often tone deaf to its audience. If you are sending out a marketing piece for refinances to people who don’t own a home or your marketing is geared toward agents but it’s going to your buyers, you aren’t segmenting correctly or marketing effectively. Think about your audience before creating your marketing strategy each month.
Fill out contact records
Most CRMs have places for notes and many may offer social media linking so you can quickly review what your contact has been up to before making a call. Leaving friendly notes about their favorite things or members of their family also helps make cold calls warmer.
Know your tech
A good martech CRM will have many campaigns to choose from as well as avenues of communication. Know when emails and texts go out so you won’t double up on work or messaging.
Keep it clean
Set aside one day each week when you add, subtract, update and review your data. Remember, this is your life’s work. The bigger your database and the better you treat it, the more you will receive in return.
Be creative. Send messages that will produce a good open rate. Sign in every day and be dedicated to growing your mortgage database.
Intent can help you fix your mortgage database! Contact us today!
Finding Value in Your Database. Why ask for referrals when you can be your own best referral source? There’s no doubt that database marketing is the future of lending. If you were to look at a motley bunch of people, how would you pick out the right person who’s interested in a refinance? Chances are you will spend a good chunk of your precious time looking for them or won’t even bother to do so. If you are curating your database correctly and using technology to your advantage, the opportunities are endless. Be sure to know where your database stands and that you can quickly access it.
2021 should be the year where you flip the referral script and start bringing pre-approved customers to agents by finding value in your database. This will give you leverage with your partners and produce more referrals. In order to know when your buyers are ready to move forward and that you have a homebuying strategy tailored for each lead, there are a few things you can do:
1. Segment your database into leads, business partners, closed loans, etc.
2. Prioritize your strategy, show value.
3. Create a true profile in your database.
4. Have a marketing plan for each group.
5. Stay relevant and top of mind.
6. Build relationships for increased customer retention.
At Intent, we offer a range of campaigns for every moment in the customer journey your customers might find themselves in. These campaigns even include a missed opportunity campaign in case your customer decides to go a different direction. Often times, people who chose not to go with you will appreciate your reaching out and may even be a source of referrals. Finding value in your database is easy with a little help.
We at Intent would love to help you find the value in your database. Take a minute to watch the video and get in touch with us!
2020 has presented as many opportunities as challenges for the world of mortgage origination, but the need for the industry to take an even greater shift into the digital landscape and explore new mortgage marketing technology comes as news to no one. Digital applications, POS systems, CRMs, CDPs, lead generation tools and digital marketing adoption require full immersion into training, however. With some loan officers struggling to handle the influx of refinance applications all while providing excellent customer care to homebuyers, it can seem like there aren’t enough hours in the day — even if there weren’t multiple new mortgage marketing technologies to master.
Mortgage marketing technology in the mortgage space creates automation for mundane tasks and offers the homebuyer a more streamlined experience, but it also requires the originator to truly understand the meeting place between human connection and the need for good tech. The truth is that on virtually every originator’s desk right now sits a legal pad full of handwritten notes about each buyer, and the buyer’s cell phone number remains their most important tool. But there is a world of business building that can be achieved by using advanced marketing, simpler applications and mobile technology if time can be made to learn their basic functionality.
How can a loan officer keep up? It’s easy to suggest time blocking 30 minutes for tech each day, but it’s harder to figure out where that half hour can be budgeted. If adapting to the digital landscape is a priority, consider using the following tools:
- Don’t panic. Of course, that’s easier said than done. Tech is hard. It’s often confusing, even for those in your company with a clear understanding of the benefits. Take it slow and ask a lot of questions.
- Give yourself 30 minutes per day to look through your tech stack. For most mortgage originators, that will include Encompass, a CRM, online lead gen and a mobile application tool. Scheduling or time blocking just a half hour to stay on top of tech will put you ahead of the game.
- Don’t be tempted to put out fires. There are always going to be distractions but try to keep focused. Turn your email and phone off and just concentrate on the task at hand.
- Use the resources. Most mortgage marketing technology companies will have plenty of training on their website for basic functionality. Master the intro videos first. If you don’t have a product owner in your own company who can answer questions, reach out to the tech company to schedule a training with the support team.
- Team up with your branch or colleagues. Working together makes a difference. Even though many people are working from home right now, create a Zoom meeting to tackle one piece of the platform at a time. If it’s your CRM, first learn what the system does and then learn what it offers before beginning to customize things to work best for you.
- Keep going. It will be overwhelming but you are soon going to have a much better understanding of each platform. Dedicate yourself to learning one platform at a time but be consistent with your 30 minutes by learning more.
- Show your success. If you can lead by example and see the rewards of using a platform, empower others to do the same with your words and actions.
For more information about mastering mortgage marketing technology in 30 minutes each day, click here.
All mortgage companies are looking for an end-to-end digital mortgage application and solution that will create a simplified customer experience, but most companies find themselves trying to navigate a sea of choices when it comes to LOS, POS, CRM and technology solutions requiring integrations that cost considerable time and money.
What would an ideal mortech solution look like? Likely, it would tackle many of the most important questions that mortgage executives are asking right now.
How are customers saving for their home and understanding their credit score?
This is where banks have an advantage. By having the data about savings accounts or creating a goal-centered savings plan specifically for the homebuyer, accessible account management is key. If the buyer has an incentive — like owning a home — with a personalized or gamified guide to planning their finances to achieve the goal, that could be a big win.
So too it is with credit scoring websites. While there are many advantages to knowing your score, information about raising the credit is incredibly valuable for a mortgage company to provide.
If a mortgage company knows the goal, how can it manage the expectations of the buyer before pre-approval?
When properly built, a consumer-facing portal should provide everything a potential homebuyer would need to make educated decisions about their finances. That would include any information about their current mortgage, such as payment, amortization schedule and current payoff amount. Additionally, a real-time refinance calculation would be incredibly valuable.
If their savings and checking accounts (along with their overall financial portfolio, if possible) are displayed along with the goals listed above, and calculations of possible mortgage scenarios are offered, that could be a game-changer. Real-time rates and loan scenarios with calculations of payment would be a win as well.
For first-time homebuyers, this is the perfect place for education about how to buy a home. Home-readiness quizzes, videos, a chat-with-an-expert button and a chatbot built to intelligently offer up typical FAQs would allow for opting in to learn more at their own pace.
The ability to ask questions if they so desire is going to be important. Consumers want to move at their own pace and explore their options on their own time but having calls to action for immediate pre-approvals or scheduling an online video chat with an LO is key. Instant access to most banking data should make this an easy review.
How do you streamline and simplify the mortgage application?
Many POS solutions are offering easier than ever mortgage application processes for the buyer. Using guided mortgage application windows with one task at a time, these solutions could be personalized to specific buyers based on the data already collected.
Co-borrowers or other interested parties should have access to the portal, but the customer should be able to choose the content that is visible.
How do you streamline the loan process?
Automated and gamified “homework” lists are invaluable. With credit score, financial accounts and background of the customer already available, tasks such as tax returns should be easy to upload via mobile phone. Of critical importance are ease of uploading needed documents and storage of those documents for future purchases and refinances.
The customer should then have an easy tracking solution for the loan as it passes through the mortgage stages, and the customer should be pinged at their specified communication choice if more is needed.
Disclosures should be easily downloaded and e-signed, and e-closing should be available.
Pieces and parts of the solution are available now but tying them together into a cohesive mortech solution is just one of the ways that Intent is helping mortgage companies envision the future of lending. Sign up today.
Restaurants live or die by their reviews. Whether that’s a splashy spread in the newspaper, inviting influencers and bloggers to join them for a meal or simply through digital channels like Yelp and on Google. A bad review can stop a potential diner their quest for a great meal at a restaurant while a positive review can reassure their decision and often even provide advice about where to sit and what to order.
So too it is with the mortgage experience. While it is critically important to be found through reviews, the experience is the first piece to get right. Let’s use the restaurant set up as an analogy.
People need to find you. Whether through recommendations from friends or family or through their agent, having good word-of-mouth advertising is going to be important.
Reservations need to be easy. Applying for their loan should be simple and done right from their phone.
Have the best host to greet them. They should never feel alone. Your marketing should greet them promptly and show them the exact steps needed.
The server should be on point. The mortgage professional needs to be the guide to the whole experience. A server makes or breaks the entire thing. Walk them through the menu slowly and thoroughly. Make sure they know that you are going to focus on their needs and answer any questions that they have, even when there are other people waiting for your attention.
Back of the house needs to know what the front of the house is doing. The kitchen needs to be ready for whatever comes their way. From special orders to dietary restrictions, making the perfect meal is critical. Your LOA and your ops team should work in harmony. Expectations of timelines should be met and introductions to the Chef should be made to ensure the best meal.
The manager should stop by the table. Never, never take your eye off the ball. Even when your mortgage team is doing an exceptional job, be there to check in.
Check in, check in, check in. Ask how everything is. Anticipate their needs before they ask. Give them space while making sure they are happy.
Explain the check. Always review the mortgage numbers with them so they fully comprehend what the total is and have the opportunity to ask questions.
THANK THEM. Over and over again. Make them feel that they are truly appreciated and that you were honored to be part of their lives and their mortgage experience.
Get 5 Stars. Know when and where to ask them to leave mortgage reviews so that the next time someone is looking, they find you.
Some of the best loan officers in the mortgage industry started out as very savvy servers in their youth. The ability to manage multiple tables, many orders and chaos makes for an outstanding mortgage professional. Intent can help make your daily routine much easier with simplified strategies to grow your business.
All marketing departments have the best of intentions for allowing their loan originators to use personalized marketing. However, the steady demand for fliers and other requests can keep loan officers from focusing on some of the bigger strategies and goals required by their company to build business. Luckily, outsourcing mortgage marketing is easy because companies such as Intent truly understand mortgage marketing and will analyze current strategies and technology stacks as well as examine brand awareness to create a true plan for growth.
Intent — at the enterprise level — studies common practices and processes, consults with marketing and IT groups for input and expertise, automates best intentions, and creates a fantastic solution that is as effective as it is streamlined. This solution is also simple to use and adaptable for growth and emerging technologies.
Assess technologies being utilized within the organization
Poll and interview leaders to see what current technologies are valuable and used
Construct framework for a branded end-to-end solution
Suggest architecture for a best-in-class solution
Build custom automations, workflows, reporting and oversight
Create marketing content and graphics to merge messaging across platforms
Generate lead funnels and scoring, according to needs
Produce websites, landing pages, Facebook ads, Google ads, retargeting platforms and SEO
Integrate all digital marketing components
Review compliance and security
Test and deploy a system
Train all employees
Whether you are a broker shop that needs a brand, a voice, a website and a strategy for growth, or you are a mortgage company looking to cut costs by outsourcing mortgage marketing, Intent can create a custom plan that will make you successful.